BUT...

This morning's terrible retail sales and inflation data sent 'hard' data to new post-Trump lows - lowest since May 2015 - as 'soft' data clings to hope once again, sending 'animal spirits' back near record highs...

GDP expectations have plunged...

And then there is this... Short Interest in the S&P 500 has not been this low since May 2007, right as the market peaked...

And as JPM Prime Broker Services shows, this week saw the largest amount of short-covering year-to-date...

VIX chopped around into the close but it was a one-way street all day to get the S&P to intraday record highs (above 2453.82 on 6/19)...

FANG Stocks had their best week in 3 months... (up 5 of the last 6 days)

Despite all the exuberance over Bank earnings, financials lagged on the day (but as the green line shows, the dip-buyers were desperate) as Tech led...

JPMorgan was the biggest loser at the open, but you 'buy the dip' because it's a no-brainer...

The "Most-Shorted" stocks are up 5 of the last 6 days - this week was the biggest 'short squeeze' since Dec 6th...

VIX was smashed lower again to its lowest weekly close since 1993... (9.48 close 12/24/93)

The stock market is near peak euphoria here (tracked by the ratio of Fwd P/E to VIX)...

Oh and Shiller's P/E crossed above 30 (30.15).

While stocks gained on the week, so did Bonds (though the long-end underperformed)... (while 2s30s steepened for the 3rd week in a row, 2s10s flattened modestly on the week, after two big weeks of steepening)

10Y Treasury Futures briefly spiked above their 50DMA at 125'27 on the weak data, but fell back as the equity ramp began...

The Dollar Index was hammered this week on Trump Jr and Yellen dovishness (worst week for USD in 4 months)...

The Dollar is now at its weakest in 10 months...

Cable has spiked above 1.31 - its highest in 10 months...

WTI Crude rose for the 5th day in a row... (note how this week's API/DOE moves were a pefect mirror of last week's)

Gold and Silver up for the 4th day in the last 5 breaks a 5-week losing streak...best day for gold and silver in 5 weeks...

So to summarize - After months of hawkishness, Yellen drops a slight hint at 'dovishness' on the rate-hike trajectory and stocks soar to record highs, VIX closes at a record weekly low, bonds rally, crude oil rips, and gold has best week in months...oh, and macro data dumps!